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Can I Buy Rent-To-Own?

By
Real Estate Agent with NEPTUNE REALTY 0225-075558

Absolutely. If you are talking about a TV or home appliance.  However if you mean a house, that's a very expensive and not so satisfying route to homeownership. The obvious question is WHY? If your credit is bad, who would want you in their rental, you're a bad risk because you've demonstrated an inability or unwillingness to pay your bills. If you don't have the down payment, there may be assistance programs, but how will you cover an unexpected expense? You're not ready for home ownership if you can't save up a little.
Next, you're setting a price today for a future purchase, sellers are likely to take advantage of you because they can. Finally, if you have a year or more to decide, you're less likely to want that home anyway. You are better off to live within your means (or a little below your means) while you save up and prepare yourself for home ownership, then find a REALTOR to help you with your house hunting once you're ready.

Posted by

Search the MLSDrick Ward, Realtor and Broker Associate    757-575-5156

Neptune Realty - Virginia Beach, Virginia

 

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Comments (2)

Kathleen Vetrano
RE/MAX Gateway - Falls Church, VA
Helping YOU Achieve YOUR Dreams

Then there is also the appraisal and purchase price question and how that is structured. 

May 22, 2011 05:19 PM
Drick Ward Property Management / Broker Assoc
NEPTUNE REALTY - Virginia Beach, VA
"RealtorDrick" - Experienced Representation

Kathleen, so true.  People should realize that the rent-to-own model simply isn't usually a good idea.  Thanks for the comment.

May 24, 2011 12:53 AM